Cumulative Volume in both S&P 500 and S&P Emini continue to under perform S&P pricing to suggest weak market underpinnings.

Market Overview – What We Think:

While short-term trend has reversed to positive, continuing low volume as reflected in Cumulative Volume numbers and elimination of recently “Oversold” short-term stats could soon lead to near-term top.

“Neutral” to “Overbought” conditions within context of Intermediate Cycle negative would be suggestive of Minor Cycle high.

Ultimately, extent to which September/October highs (1474.51—S&P 500) might be seriously challenged could determine whether or not current strength is merely brief upside feint in Intermediate Cycle negative, or something more positive.

How current price action plays out relative to September highs will determine status of Major Cycle uptrend in effect since March 2009.

Index

Daily / Weekly / Monthly Stops

Weekly

Monthly

11/26

11/27

11/28

11/29

11/30

11/30

11/30

S&P 500 Index

SELL1364.20

SELL1361.33

SELL1362.46

SELL1366.02

SELL1370.46

BUY1456.37

SELL1277.32

Dow Jones Industrials

SELL12660.35

SELL12629.03

SELL12626.01

SELL12645.95

SELL12676.05

BUY13540.25

SELL12198.68

NASDAQ Composite

SELL2865.38

SELL2863.38

SELL2865.20

SELL2872.11

SELL2884.42

BUY3126.60

SELL2738.24

Value Line Index

SELL2929.34

SELL2920.87

SELL2922.64

SELL2929.26

SELL2939.54

BUY3101.06

SELL2734.45

Note: Stop levels, a function of the extant trend, are based on the trailing moving average price channels for the Highs or the Lows of an index. Whether or not a specific index is suggesting a “Buy” or Sell” is determined by whether or not index prices are above or below the current channel Stop levels. Stop levels should only be used as an entry or exit guide and in conjunction with other market entry and exit strategies.